ING Netherlands

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Created before Nov 2016 Last update: Feb 16 2021

About ING ING (an abbreviation of Internationale Nederlanden Groep) is a Netherlands based international financial services company and one of the world's largest savings banks. It was founded through a merger in 1991 of NMB Postbank Groep and the insurance business of Nationale-Nederlanden, which history dates back to 1845. ING's primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is active in over 40 countries.

Website https://www.ing.com/Home.htm

Headquarters Bijlmerdreef 106 1102 CT Amsterdam Netherlands

CEO/chair Steven van Rijswijk CEO

Supervisor De Nederlandsche Bank

Annual report Annual report 2020

Ownership listed on Euronext Amsterdam & Euronext Brussels ING's shareholder structure can be accessed here.

Complaints Individuals and communities who may be adversely affected by ING's finance can raise a complaint to the bank via email at and [email protected] or via post - see the bank’s complaints page. grievances Stakeholders may also raise complaints via the OECD National Contact Points (see OECD Watch guidance).

Sustainability

Voluntary initiatives ING has committed itself to the following voluntary standards: Klimaschutz-Selbstverpflichtung des Finanzsektors Carbon Disclosure Project Climate Statement Dutch Banking Association (NVB) Code Banken (Dutch Banking Code) Collective Commitment to Climate Action (CCCA) De Spitsbergen ambitie Dutch Banking Sector Agreement on International Responsible Business Conduct regarding Human Rights Equator Principles Extractive Industries Transparency Initiative Global Reporting Initiative Paris Agreement Capital Transition Assessment (PACTA) Poseidon Principles Principles for Responsible Banking (PRB) Principles for Responsible Investment (PRI) Responsible Ship Recycling Standards (RSRS) Science Based Targets Task Force on Climate-related Financial Disclosures Taskforce on Nature-related Financial Disclosures Thun Group on Human Rights UNEP Finance Initiative United Nations Global Compact Investment policies ING's web page on corporate social responsibility can be accessed here.

Stance on Biodiversity Aug 20 2021 | ING

Biodiversity policy Date listed represents date as accessed on website Aug 19 2021 | ING

Financial Economic Crime Policy Date listed represents date as accessed on website Feb 15 2021 | ING

Stance on climate Date listed represents date as accessed on website Feb 15 2021 | ING

ING's Approach to the Modern Slavery Act Apr 22 2020 | ING

Stance on human rights Date listed represents date as accessed on website Dec 19 2019 | ING

Stance on deforestation Date listed represents date as accessed on website Dec 19 2019 | ING

Stance on extractives industry Date listed represents date as accessed on website Dec 19 2019 | ING

Stance on palm oil Date listed represents date as accessed on website Dec 19 2019 | ING

Stance on animal welfare Date listed represents date as accessed on website Dec 19 2019 | ING

Zero tolerance approach to bribery and corruption Date listed represents date as accessed on website Dec 19 2019 | ING

Stance on energy Date listed represents date as accessed on website Dec 19 2019 | ING

Know Your Customer and Anti Money Laundering measures Date listed represents date as accessed on website Dec 19 2019 | ING

Environmental and Social Risk Framework Jul 1 2019 | ING

ING Viewpoint Sustainable Finance Mar 31 2018 | ING

Standpunt van de ING over de financiering van kernwapens Mar 29 2018 | ING Environmental Approach 2017 Dec 31 2017 | ING

Supplier terms of engagement Nov 27 2014 | ING

BankTrack campaigns and ING

Human rights

True leader BankTrack has assessed ING on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. ING is assessed as a Follower, with a total score of 5.5/12. Front runner Policy: 3/3 Due dilligence: 2/3 Reporting: 0.5/3 Remedy: 0/3 Follower For more details, see Banking with Principles? 2016 update. Laggard

Equator Principles

Implementation and reporting The Equator Principles require that adopting banks publicly report on the implementation of the principles. You can find the reporting requirements for EPFIs here.

ING is reporting on the implementation here.

Contact and complaints The Equator Principles currently lack a formal complaints mechanism. Should you have any concerns or complaints about how the Equator Principles are being applied in a specific project in which ING is also involved, please get in touch with our Equator Principles team.

You may also want to directly contact the department of ING that is responsible for the Equator Principles (keep us informed):

Equator Principles Dodgy Deals BankTrack is monitoring the following Equator Principles projects that are co-financed by ING -note that some files may be on record, no longer updated-:

Projects

Cirebon 2 coal power plant Indonesia Coal Electric Power Generation active

Compagnie des Bauxites de Guinée (CBG) Guinea Mining active

Trans Adriatic Pipeline (TAP) - international - Oil and Gas Extraction | Pipeline Transportation of Natural Gas active

Trans Mountain Pipeline Expansion project (TMEP) Canada Pipeline Transportation of Crude Oil active

Baku-Tbilisi-Ceyhan oil pipeline Azerbaijan Pipeline Transportation of Crude Oil on record

Camisea pipeline project Peru Pipeline Transportation of Natural Gas on record

Kashagan oil project Kazakhstan Oil and Gas Extraction on record

Nam Theun 2 dam Laos Hydroelectric Power Generation on record SOCAR Aegean Refinery Turkey Coal Electric Power Generation | Oil and Gas Extraction on record Good moves

2018

ING stops financing new coal power plant in Dominican Republic ING has stopped financing a new coal-fired power plant in the Dominican Republic, the bank informed the Dutch Fair Bank Guide today. The Fair Bank Guide welcomes ING's decision. The Fair Bank Guide, in collaboration with BankTrack and Greenpeace, has been calling ING for years to stop financing two new coal-fired plants,…

2017

Five European banks pressured not to tolerate corrupt practices at Dominican coal plant project Mired in a major international corruption scandal, the proposed Punta Catalina coal plant in the Dominican Republic became untouchable for Deutsche Bank, ING, Santander, Société Générale and Unicredit in 2017. As the gravity of the situation surrounding the project’s construction…

ING raises the bar for coal finance restrictions, though more pushing still required In December ING set a new bar in the commercial banking sector for restricting finance to companies involved in coal power, setting 2025 as its target date for reducing its exposure to coal power to ‘close to zero’. Its new commitments, which cover both lending and underwriting, will have impacts…

Six banks step away from Dakota Access Pipeline (DAPL) and backers In February 2017, ABN AMRO, ING, BayernLB and Nordea all announced they would step away from financing either the project or its backers. In March, ING became the first bank to sell its portion of a project loan supporting the pipeline. This was followed by DNB and by BNP Paribas selling…

2015

Barclays, ING, PNC pull back from Mountaintop Removal In 2015, US bank PNC, UK bank Barclays and Dutch bank ING all announced new commitments to cut finance for the controversial practice of mountaintop removal (MTR) coal mining. These banks join JPMorgan Chase, Wells Fargo, RBS, BNP Paribas, and UBS - banks that have already committed to cut ties…

Climate breakthrough as string of banks dump coal financing In May, Bank of America and Crédit Agricole became the first major banks to announce plans to stop financing coal mining. These announcements marked a hugely significant win and a breakthrough moment in the fight to end financing for the coal industry. The second half of 2015, in the run-up to the…

2014

Thun Group of Banks agrees to consider remedy for victims of human rights abuse In 2013 the seven-strong Thun Group of Banks' produced a discussion paper on banks' responsibilities under new UN human rights guidelines. BankTrack's response to the paper highlighted that the banks had failed to address their responsibility to provide access to remedy to victims of human rights abuses. After… 2006

ING withdraws finance for Botnia paper mill in Uruguay The Center for Human Rights and Environment (CEDHA) in Argentina threw its support behind the ongoing campaign to stop the controversial Botnia paper mill in Uruguay and lodged the world's first ever Equator Principle compliance complaint against ING Group. ING subsequently withdrew its share in a US$480m finance…

Related Dodgy Deals

ING has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.

Projects

Cirebon 2 coal power plant Indonesia active Coal Electric Power Generation

Trans Adriatic Pipeline (TAP) - international - active Oil and Gas Extraction | Pipeline Transportation of Natural Gas

Trans Mountain Pipeline Expansion project (TMEP) Canada active Pipeline Transportation of Crude Oil

Compagnie des Bauxites de Guinée (CBG) Guinea active Mining

Vaca Muerta Shale Basin Argentina active Oil and Gas Extraction | Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas

Baku-Tbilisi-Ceyhan oil pipeline Azerbaijan on record Pipeline Transportation of Crude Oil

Kashagan oil project Kazakhstan on record Oil and Gas Extraction

Nam Theun 2 dam Laos on record Hydroelectric Power Generation

Camisea pipeline project Peru on record Pipeline Transportation of Natural Gas

Mountain top removal coal mining United States on record Coal Mining

Palm Oil Plantations in the Sambas District Indonesia on record Agriculture for Palm Oil

Grasberg gold and copper mine Indonesia on record Mining

Mochovce nuclear power plant (units 3 & 4) Slovakia on record Nuclear Electric Power Generation

Canadian tar sands Canada on record Oil and Gas Extraction

Tampakan Copper and Gold Mine project Philippines on record Mining Great Barrier Reef Coal & Gas Exports Australia on record Coal Mining | Fossil Fuels Bulk Stations and Terminals | Oil and Gas Extraction

SOCAR Aegean Refinery Turkey on record Coal Electric Power Generation | Oil and Gas Extraction

Solwara 1 Deep Sea Mining Project Papua New Guinea on record Mining

Companies

EDF France active Biomass Electric Power Generation | Hydroelectric Power Generation | Nuclear Electric Power Generation | Solar Electric Power Generation | Wind Electric Power Generation

Polska Grupa Energetyczna (PGE) Poland active Biomass Electric Power Generation | Coal Electric Power Generation | Coal Mining | Nuclear Electric Power Generation

Wilmar International Singapore active Agriculture for Palm Oil

Sime Darby Malaysia active Agriculture for Palm Oil

Adaro Energy Indonesia active Coal Electric Power Generation | Coal Mining

Royal Dutch Shell Netherlands active Oil and Gas Extraction

Rio Tinto Australia on record Coal Mining | Mining | Nuclear Electric Power Generation

Orano France on record Mining | Nuclear Electric Power Generation

BHP Billiton Australia on record Coal Mining | Mining | Oil and Gas Extraction

Fortum Finland on record Coal Electric Power Generation | Hydroelectric Power Generation | Oil and Gas Extraction

ENGIE France on record Coal Electric Power Generation | Hydroelectric Power Generation

Lockheed Martin United States on record Arms Industry and Trade

Korea Electric Power Corporation (KEPCO) South Korea on record Coal Electric Power Generation | Coal Mining | Nuclear Electric Power Generation

Arch Resources United States on record Coal Mining IOI Corporation Malaysia on record Agriculture for Palm Oil

Glencore Switzerland on record Coal Mining

ZE PAK (Zespół Elektrowni Pątnów-Adamów-Konin) Poland on record Coal Electric Power Generation | Coal Mining

DTEK Ukraine on record Coal Electric Power Generation | Coal Mining | Oil and Gas Extraction

Marubeni Japan on record Coal Electric Power Generation | Mining | Pulp, Paper and Paperboard Mills

Bunge United States on record Agriculture for Food Crops | Agriculture for Palm Oil

Arauco Chile on record Pulp, Paper and Paperboard Mills

EPH Czech Republic on record Coal Electric Power Generation | Coal Mining | Hydroelectric Power Generation | Nuclear Electric Power Generation

Trafigura Singapore on record Commodities Trading | Oil and Gas Extraction

Vitol Switzerland on record Commodities Trading | Oil and Gas Extraction

Enea Group Poland on record Coal Electric Power Generation | Coal Mining | Electric Power Distribution

Kinder Morgan United States on record Pipeline Transportation of Crude Oil | Pipeline Transportation of Natural Gas

Socfin Luxembourg on record Agriculture for Industrial Crops | Agriculture for Palm Oil